Corporacion Financiera de Desarrollo S.A.

Moreover, as part of its strategy to become a modern development bank, COFIDE has actively supported the development of capital markets, for example through the issuance of sustainable bonds in recent years. As a result, we think there's a very high likelihood of extraordinary and timely government support for the entity in a scenario of financial distress. Therefore, our long-term rating on COFIDE is three notches above its stand-alone credit profile (SACP). S&P Global Ratings' stable rating outlook on COFIDE in the next two years reflects that on Peru and our expectation that its intrinsic creditworthiness will remain stable, with a risk-adjusted capital (RAC) ratio above 5% in 2024-2025. In addition, we expect the government to continue providing support to

...We expect COFIDE to continue benefiting from government support, given the entity's engagement in Peru's economic development. Corporacion Financiera de Desarrollo S.A. (COFIDE) is the Peruvian government's arm in promoting economic development through financing small and midsize enterprises (SMEs), productive economic sectors, and large infrastructure projects. The entity has been a key actor in government relief programs during economic distress, and increasingly, it has administered government programs' trusts. Moreover, as part of its strategy to become a modern development bank, COFIDE has actively supported the development of capital markets, for example through the issuance of sustainable bonds in recent years. As a result, we think there's a very high likelihood of extraordinary and timely government support for the entity in a scenario of financial distress. Therefore, our long-term rating on COFIDE is three notches above its stand-alone credit profile (SACP)....

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